Security inquiry management techniques

ABSTRACT

A computer ( 20 ) is used to organize security inquiries and potential security purchases. Inquiry information about securities desired for purchase is entered into the computer through an “Enter Inquiries” screen (FIG.  3 ) and purchase information about available securities is entered into the computer through a window ( 180 ) of an “Inquiry Execution” screen (FIG.  5 ). One of a plurality of algorithms is selected, and the selected algorithm matches the inquiry information with the purchase information. The results are reported on a display ( 60 ) of the computer.

CROSS REFERENCE TO RELATED APPLICATIONS

[0001] (Not Applicable)

STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH & DEVELOPMENT

[0002] (Not applicable)

BACKGROUND OF THE INVENTION

[0003] Centralized buyers of fixed income securities, such as trustdepartment buyers and money managers, often are responsible for buyingsecurities to fill dozens of customer inquiries on a daily basis. Insome cases inquiries can be grouped together when buying securities, butat other times, restrictions for individual inquiries prevent suchgrouping. Parameters for inquiries are often specified as a value rangerather than specific values further complicating the combination ofinquiries. Efficiently managing and filling these inquiries can be verytime consuming for securities buyers, and can take valuable time awayfrom their other responsibilities of such securities buyers. Efficientcombination of inquiries can also result in better purchase prices forthe securities buyers.

[0004] As a result, there is a need for techniques, which enablesecurities buyers to handle fixed income inquiries more efficiently.This invention addresses the need and provides a solution.

BRIEF SUMMARY OF THE INVENTION

[0005] The preferred embodiment is useful for organizing securityinquiries and potential security purchases utilizing a computer with adisplay. In such an environment, inquiry information about securitiesdesired for purchase is entered into the computer, and PotentialPurchase information about available securities also is entered into thecomputer. A plurality of algorithms for matching the inquiry informationwith the Potential Purchase information also is entered into thecomputer. A user of the computer then selects one of the algorithms. Theselected one algorithm then is used to match the inquiry informationwith the Potential Purchase information. The results of the matching arereported by means of the computer. Alternatively, a specific inquiry canbe selected and securities information stored on a server computeraccessed via network Internet connection can be searched for thosematching the inquiry criteria.

[0006] By using the above techniques, security inquiries may be handledwith a degree of efficiency and economy previously unattainable.

BRIEF DESCRIPTION OF THE DRAWINGS

[0007]FIG. 1 is a preferred form of hardware arranged according to thepresent invention

[0008]FIG. 2 is a preferred form of “Main” screen display for thepreferred embodiment.

[0009]FIG. 3 is a preferred form of screen display generated byinitiating the “Enter Inquiries” button shown in FIG. 2.

[0010]FIG. 4 is a preferred form of screen display generated byinitiating the “Add” button 124 shown in FIG. 3.

[0011]FIG. 5 is a preferred form of screen display generated byinitiating the “Execute Inquiries” button shown in FIG. 2.

[0012]FIG. 6 is a preferred form of screen display generated byinitiating the “Search BondWave” menu option when right-clicking on aninquiry in window 140 of FIG. 5.

[0013]FIG. 7 is a preferred form of screen display generated byinitiating the “View Security Detail” option when right-clicking on aPotential Purchase security in window 180 or 200 of FIG. 5.

[0014]FIG. 8 is a preferred form of screen display generated byinitiating the “View Message” option when right-clicking on a PotentialPurchase security in window 180 or 200 of FIG. 5.

[0015]FIG. 9 is a preferred form of the “Final Trade Execution” screendisplay generated by clicking the “Execute Trades” button 210 in the“Execute Inquiries” window of FIG. 5.

[0016]FIG. 10 is a preferred form of the “Order Routing” screen displaygenerated by selecting “Order Routing” from the utilities menu.

[0017]FIG. 11 is a preferred form of the “BondWave Offerings” screendisplay generated by selecting “Offerings” from the utilities menu.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0018] Security Inquiry Management Techniques in General

[0019] In general, a preferred form of security inquiry managementtechniques made in accordance with the invention stores and organizesinquiries, analyzes the set of inquiries against possible securitypurchases, efficiently allocates security purchases to individualinquiries, facilitates negotiation of security purchases and provides anarray of reports. The securities may be various types of bonds, certainkinds of stocks or the like.

[0020] Referring to FIG. 1, the preferred embodiment is implemented on acomputer 20 including a central processing unit 30 and a memory 40. Datais entered into the memory by a user via a conventional keyboard 50 orobtained via a network connection to a server computer 700 at a locationremote from the location of computer 20. The network connection includesa modem 704, a network 702, such as the Internet, and server computer700 that stores data in a database. Memory 40 stores instructions thatcause data to be processed and to be displayed on a conventional displaymonitor 60 having a display face 70. The instructions include aplurality of algorithms that enable efficient management of securityinquiries. The algorithms may be implemented as a Microsoft Access™database application. The entry and manipulation of data is enhanced byuse of a conventional computer mouse 80. Those skilled in the art areable to program such an application based on this specification and thescreen displays illustrated in FIGS. 2-11.

[0021] Computer 20 serves as a storehouse for security inquiryinformation. When the algorithms stored in memory 40 are initiated, theycause a “Main” display to be displayed on an output device, such asdisplay face 70 as shown in FIG. 2. Alternatively, a printer coulddisplay information. The “Main” display includes an “Enter Inquires”button 101, an “Execute Inquiries” button 102, a “Disseminate Inquiries”button 103 and a “Reports” button 104.

[0022] When button “Enter Inquires” 101 is initiated, the algorithmscreate a display of the type shown in FIG. 3 on display face 70. TheFIG. 3 display enables security inquiry information to be viewed, added,deleted or modified. Once the security inquiry information is added, itis available for dissemination, analysis and trade execution.

[0023] Referring again to FIG. 2, after sorting and aggregating varioussecurity inquiry information, the algorithm allows dissemination of allor part of this security inquiry information to interested parties, suchas security dealer coverage, by initiating or clicking on button 103with mouse 80. The algorithms available to be invoked after initiatingor clicking on button 103 enable the dealer coverage to obtainup-to-the-minute security inquiry information, either electronically, orthrough reports designed for faxing.

[0024] Once a security inquiry is filled by a trade execution, thehistorical information about the security inquiry and trade execution isstored within memory 40.

[0025] Referring again to FIG. 3, security inquiries are defined by thefollowing parameters or information: date of inquiry (e.g., 2/1/00) andinquiry type designations (e.g., “U”, “T”, and “G” for “unique maturityyear”, “total par”, and “grouped” inquiry types respectively) in column110, state (e.g., MI or IL) in column 111, inquiry number (#) in column112, account identifier in column 113, quantity, such as inquiry blocksizes description (e.g., 2×100/50 indicating one inquiry line for twoblocks of 100 and a second inquiry line for one block of 50) in column114, maturity year ranges description (e.g., 02-04,07/10 indicating oneinquiry line with required maturity in 2002, 2003, 2004 or 2007 and asecond inquiry line with required maturity in 2010) in column 114, priceinformation, such as block size in thousands of dollars of par (e.g.,100 for $100,000) or price restriction (e.g. must be priced between 98and 102) in column 116 and special comments, such as securitycharacteristics restrictions in column 117.

[0026] Referring to FIG. 5, security inquiries that remain open (i.e.,which have not been fully satisfied through the purchase of securities)are viewed in list form or graphical form. The list form is displayed ina window 140 of display face 70, and the graphical form is displayed ina window 160 of display face 70. Users have the option of viewing theinquiry graphical form in several different ways. Users also are able toenter real or hypothetical purchase information about securitiesavailable for trading in a window 180 of display face 70.

[0027] Referring again to FIG. 5, inquiries displayed in window 140 aredefined by the following information: inquiry number (e.g., 842),account name (e.g., John Doe), inquiry block sizes description (e.g.,2×100/50 indicating one inquiry line for two blocks of 100 and a secondinquiry line for one block of 50), maturity year ranges description(e.g., 02-04,07/10 indicating one inquiry line with required maturity in2002, 2003, 2004 or 2007 and a second inquiry line with requiredmaturity in 2010), inquiry type designations (e.g., “U”, “T”, and “G”for “unique maturity year”, “total par”, and “grouped” inquiry typesrespectively), account number (e.g., 1234) (not shown in FIG. 5), “Outof Play” designation check box 158 (e.g., 158 checked indicates inquiryis “out of play”), price restriction (e.g. 98-102 indicates thatsecurities used to fill inquiry must have dollar prices between 98 and102), comment area (e.g., securities must be insured) (not shown in FIG.5) and state (e.g., IL) (not shown in FIG. 5). The information in window140 not shown in FIG. 5 may be viewed by using mouse 80 to click on anarrow (not shown) that brings the information into window 140.

[0028] Referring again to FIG. 5, Potential Purchase information enteredand displayed in window 180 in vertical columns under the illustratedcolumn headings as defined by the following information: securitydescription (“POTEN. PUR.”)(e.g., Penn St Univ Rev), CUSIP (an industrystandard identification code which is unique for each security), STATE(e.g., IL), par amount (“PAR”) in thousands of dollars (e.g., 500 for$500,000), maturity date (“MAT”) (e.g., 7/1/05), dollar price (“$PRC”)(e.g., $99.50) and restriction (“RESTRICT”) (e.g., use to fill statespecific inquiries first).

[0029] The available Potential Purchase security information displayedin window 180 is analyzed or matched against the open security inquiryinformation displayed in window 140 by three different algorithms“Maximize”, “Optimize” and “Prioritize” as selected from the “ScenarioOptions” menu 184, which displays option scenarios 203 (FIG. 5). Themethod of analysis is selected by selecting one of the three differentalgorithms indicated by buttons 204, 206 and 208. Once the analysismethod is selected, clicking the “Execute Inquiries” button 102 (FIG. 2)causes the computer to execute the corresponding algorithm and display aresulting potential purchase scenario in windows 200 and 220 (FIG. 5) ofdisplay face 70.

[0030] Referring again to FIG. 5, active scenario securities displayedin window 200 are defined by the following information: securitydescription (“BONDS”) (e.g., Penn St Univ Rev), CUSIP (an industrystandard identification code which is unique for each security), STATE(e.g., IL), total par amount of the security available (“PAR”) inthousands of dollars (e.g., 500 for $500,000), maturity date (“MAT”)(e.g., 7/1/05), dollar price (“$PRC”) (e.g., $99.50), par amount of thesecurity used to satisfy inquiries in the scenario (“USED”) in thousandsof dollars (e.g., 100 for $100,000), “extra” or unused par amount of thesecurity (“UNUSED”) in thousands of dollars (e.g., 400 for $400,000) andthe “Frozen status” designation in check box 207 (e.g., 207 checkedindicates active scenario security and its currently matched inquirylines, if any, are “frozen”).

[0031] If the analysis produces a desired scenario, the user can“freeze” the results through check box 207 until the securities arepurchased. During the time that a scenario is “frozen”, the associatedinquiry security blocks are kept out of the open inquiry lists so thatrunning another scenario cannot fill them. Once the purchase of aPotential Purchase security has been confirmed, a scenario can beexecuted, and the user will be prompted for trade details. At thispoint, the algorithms will store the trade information in a database inmemory 40 (FIG. 1), and take all the associated inquiry security blocksout of the open inquiry lists. A report can be generated that will listapplicable information needed for producing trade tickets for the user'sinternal systems.

[0032] The algorithms provide many reporting options. Reports exist forboth open inquiries and executed security trades. Options also exist tomask private/confidential account information so that the report can befaxed or the private/confidential account information may be unmaskedand included for “in-house” reporting.

[0033] Inquiry Entry

[0034] Referring the FIGS. 1 and 2, the inquiry entry screen isgenerated by clicking on the “Enter Inquiries” button 101 with mouse 80.An exemplary inquiry entry screen is shown in FIG. 3. The FIG. 3 screenis used to enter, modify and delete inquiry information about securitiesdesired for purchase by the user. Each line of inquiry entered in FIG. 3typically is limited to a single issuer name. A “State” pull-down-menu120 controls which security inquiries are viewed, and what state a newinquiry will represent. The “State” menu includes a “general market”(GM) choice, which is used to designate non-state-specific securityinquiries. An “All” button 122 shows inquiries for all states. Thesecurity inquiry information can contain an unlimited number of lines.Only a few lines are shown as dotted line boxes in FIG. 3 to illustratethe principle.

[0035] Still referring to FIG. 3, when “Add” button 124 or “Modify”button 126 is clicked by mouse 80 (FIG. 1), an “Inquiry Entry” pop-upwindow appears as shown in FIG. 4. All entries in the FIG. 4 pop-uprepresent information regarding a single inquiry, for which no twoblocks of securities may (typically) have the same associated issuer.Separate inquiries are entered in separate “Inquiry Entry” pop-upwindows.

[0036] Referring to FIG. 4, in the fields 131, the quantity of blocks ofsecurities desired is entered for each inquiry line. In the fields 133,the par value of the securities per block in thousands of dollars isentered for each inquiry line. The desired maturity time range (i.e., arange of security maturity years) is entered through the buttons in anarea 137 for the current inquiry line. Fields 135 indicate the resultingmaturity time range description for each inquiry line. In principle, aninquiry can contain an unlimited number of inquiry lines.

[0037] In the “Inquiry Entry” pop-up window of FIG. 4, an account namefield 128 and an account number field 129 represent the customer accountdesignation for the inquiry. Text describing inquiry comments or specialrestrictions can be entered in comments text box 152 if an inquiry hasrequirements that fall outside of the typical inquiry characteristicsthat are entered in a “Client Profile” area (not shown). These typicalinquiry characteristics are displayed in an area 132 shown at the bottomof FIG. 3. Text describing other information concerning the inquiry thatare private/confidential in nature, i.e., not to be communicated to thesellers of securities, can be entered in the private comments text box153 (FIG. 4).

[0038] Referring again to the pop-up window of FIG. 4, text boxes 150and 151 allow entry of minimum and maximum dollar prices respectivelywhich are acceptable for all blocks of the inquiry. “Unique Maturities”check box 143 designates that the inquiry is a “Unique Maturity” typeinquiry. This designation causes the maturity range for an inquiry lineto be updated automatically on purchase execution of a correspondingsecurity, removing the maturity year of the purchased block from theinquiry line's maturity range. For example, if an inquiry line specified3 blocks with maturities 2011, 2012, 2013 or 2014 and a purchase of ablock with maturity 2012 is made for that inquiry line, the inquiry lineis updated to indicate that 2 blocks with maturities 2011, 2013 or 2014are left. “Total Par Inquiry” check box 145 designates that that theinquiry is “Total Par” type inquiry and causes the “Min Par” 147 and“Max Par” 149 text boxes to be displayed. This designation allows aninquiry line's total quantity requirement to be satisfied with blocks ofvarious sizes, provided that they satisfy the minimum and maximum sizerestrictions denoted by 147 and 149. “Unique Maturity” and “Total Par”type inquiries are not mutually exclusive.

[0039] Referring again to the pop-up window of FIG. 4, after all inquiryinformation has been entered, a unique inquiry number is assigned to theinquiry after the “Add Inquiry” button 154 or “Add to Group” button 155is clicked by mouse 80. The “Add Inquiry” button returns the user to theInquiry Entry screen of FIG. 3. The “Add to Group” button causes theinquiry to be saved and the pop-up window of FIG. 4 to be redisplayedwith all data entry fields re-initialized. The new inquiry entered willbe grouped together with the previously entered inquiry. Groupinginquiries together prevents automated matching of Potential Purchasesecurities to any of the grouped inquiries (when running scenarios)unless at least one block for each inquiry in the group can be filled.There is no limit to the number of inquiries that can be groupedtogether.

[0040] Referring again to FIG. 3, the order in which the inquiriesappear in the displayed list reflect the order in which they areconsidered for being filled in a Prioritized “What-if Scenario”. In aPrioritized “What-if Scenario”, inquiries are filled from top to bottomas displayed on display face 70 with individual inquiry lines filledfrom first to last. Up/down arrows 134 are used to modify the order inwhich the inquiries appear in the list of inquiries. An inquiry is movedin the list by clicking on a record selector 136 to the left of aninquiry to select it, and then clicking on one of the up/down arrows134.

[0041] Still referring to FIG. 3, a control 138 shows the user allstates for which an open inquiry exists. Clicking on one of these statescauses all inquiries for that state to be displayed.

[0042] Inquiry Execution

[0043] The screen display shown in FIG. 5 is entered by clicking on the“Execute Inquiries” button 102 (FIG. 2). A state selector 142 controlsthe inquiries displayed for the user in the inquiry information listwindow 140. Only states with current inquiries appear in the selectionlist in the state selector 142. An “All” button 144 shows all inquiriesfor all states.

[0044] By clicking on a “Credits” button 146, window 140 displays thecredits (i.e., approved security issuers) approved for the state that isbeing viewed. By clicking an “Inquiries” button 148, all of theinquiries for the selected state will be in view in window 140.Inquiries that have special restrictions will default to “Out of Play”with their corresponding “Out of Play” check boxes 158 checked. If an“Out of Play” special restrictions inquiry is set to “In Play” for ascenario (by clearing its corresponding “Out of Play” check box 158), itwill be taken back out of play after the scenario is run. An inquirythat has no special restrictions will be in play until checked “Out ofPlay”, and will return to its default value of “In Play” after thescenario is run. Double-clicking on an inquiry in window 140 willdisplay previous execution and current scenario information for theinquiry. Right-clicking on an inquiry in window 140 displays fiveoptions: “Modify Selected Inquiry”, which takes the user directly to thepop-up window of FIG. 4, allowing the inquiry to be modified; “SearchBondWave”, which, through network connection 702 to the Internet, willdisplay and report (in the pop-up window of FIG. 6) correspondingdescriptions of securities stored on the server 700 which satisfy thecurrent inquiry's parameters; “View Inquiry Activity”, which willdisplay previous execution and current scenario information for theinquiry; “View Portfolio”, which, if portfolio related data is stored inthe prescribed manner in a data file in memory 40, will displayportfolio contents information for the account associated with theselected inquiry; and “View Group”, which will display information aboutother open inquiries that have been grouped with the current inquiry.“Manual mode” arrow buttons 157 allow inquiries to be explicitly appliedto the currently selected security in the scenario results area 200.This allows matching of inquiries with securities regardless of inquiryparameters.

[0045] Graphical window 160 shows the total par or “maximum usable blocksize” that is represented by current inquiries for each maturity year.(The “maximum usable block size”, typically less than the total paramount, reflects that multiple block inquiry lines can have at most oneblock filled from a specific security offering. For example, an inquiryline for 3 blocks of 100 represents a total par amount of 300 and amaximum usable block of 100 for a specific security.) The user can viewthe graph for inquiries specific to the state selected by 142 alone, orcan view the state inquiries combined with “general market” (GM)inquiries. Options exist to add or remove the “Out Of Play” inquiriesfrom the graph. The graph can be hidden through a “Hide Graph” button(not shown) to provide more area for viewing inquiry information. Dollaramounts (in thousands) of security par amounts are displayed in area 162on the Y-axis of the graph and maturity years are displayed in area 164on the X-axis of the graph.

[0046] A Potential Purchases window 180 of FIG. 5 is used to entercharacteristics of securities or information about available securitiesto be run in a “What If Scenario.” The information entered includes anidentification of the issuer (Potential Purchases, “POTEN. PUR.”), CUSIPnumber, STATE of security issuance (e.g., IL), par value (“PAR”),maturity date (“MAT”), dollar price (“$ PRC”) and restrictions(“RESTRICT”), if any. Each Potential Purchase has the option of beingapplied to only state specific inquiries, “general market” inquiries,both or neither. This choice is made by selecting from the restrictionpull-down list (not shown) for each Potential Purchase. Each PotentialPurchase also has a text area just beneath it (not shown) where commentscan be entered. By default, this comments text area is hidden from view.If there are any messages (from offerers) associated with a PotentialPurchase, it is indicated just to the left of the offering either by agreen “N” indicating that there is a new message or by a red “M”indicating that there is at least one message associated with thesecurity, but no messages that have not been read.

[0047] Still referring to the Potential Purchases window 180,right-clicking on a Potential Purchase security displays four options:“Minimize Security View/Expand Security View”, which either displays orhides the security comments area for all Potential Purchase securitiesin both window 180 and 200. (“Minimize Security View” is shown if thecomments area is currently expanded and “Expand Security View” is shownif the comments area is currently minimized.); “View Security Detail”,which, through network connection via the Internet to server 700, willdisplay and report in the pop-up window of FIG. 7 detailed informationabout the security; “View Message”, which will display and report in thepop-up window of FIG. 8 message information for the selected securityobtained through network connection via the Internet to server 700; and“Delete Selected Security”, which, after prompting for confirmation,will remove the selected security from the display area. Manual Modearrow buttons 181 allow Potential Purchases to be explicitly added to ascenario.

[0048] A “Create Bond Series” button 188 allows simplified entry of newissuance scales (for municipal bonds) based on the selected item fromthe list in window 180. A “Bond Series” menu 186 allows selection ofeither “Increase Maturity” or “Decrease Maturity”. A setting of“Increase Maturity” causes “Create Bond Series” button 188 to add anadditional security to be added to window 180 that has the samecharacteristics as the currently selected security except for thematurity, which is one year later than. Likewise, a setting of “DecreaseMaturity” adds a security with a maturity one year earlier.

[0049] The scenario results from executing one of algorithms from the“What-If Scenarios” 203 are presented in windows 200 and 220. Window 200lists the Potential Purchase securities of window 180 that have been runin a scenario against the inquiry securities of window 140. Window 220lists the inquiry blocks that were filled in the scenario. With respectto running a scenario, if the “Potential Purchase” is given a CUSIP, theissuer will be checked against any previous scenarios or executions thathave involved other blocks from the inquiry. If a similar or matchingissuer is found, the user will be warned and given the option to eitheruse or not use the block in the scenario. A scenario can be reset bypressing a “Reset” button 202. Inquiry blocks are always filled as “Allor None” (i.e., they are never partially filled).

[0050] The Active Scenario Securities window 200 includes, in additionto the fields displayed in window 180, the amounts of the securities (inthousands of dollars of par amount) that are used by scenarios (“USED”)and how much is left over (“UNUSED”). Right-clicking on an ActiveScenario security displays five options: “Minimize Security View/ExpandSecurity View”, “View Security Detail” and “View Message”, will functionthe same way as they do in window 180 as described above; “Save ExcessPar As New Security” will split the security amount into two parts,leaving only the amount in the Active Scenario Securities window 200that are used by inquiries in the current scenario, and placing theremaining amount (as indicated in the “UNUSED” field) back in thePotential Purchase window 180; and “Eliminate Excess Par”, which reducesthe quantity of securities in the Active Scenario Securities window 200to match the amount that are used by inquiries in the scenario.

[0051] Automatic matching of inquiries with securities via “What-IfScenarios” can be performed in one of three modes:

[0052] The “Maximize Par Per Security” mode 204 (set by selecting“Maximize” from the “Scenario Options” menu 203) executes an algorithmthat matches up for each dollar amount of Potential Purchase security,in sequence or in turn, as much par dollar amount of inquiry securitiesas possible, regardless of the order of the inquiry securities.

[0053] The “Optimize Maturities” mode 206 (set by selecting “Optimize”from the “Scenario Options” menu 203) executes an algorithm that matchesup Potential Purchase securities with inquiry securities based in anattempt to use the greatest total amount of securities, regardless ofsecurity and inquiry sequence. In addition, the algorithm attempts tomatch up the maturity range of the inquiry securities with the maturitydate of the Potential Purchase securities. According to one variation,the algorithm attempts to match inquiry information with a smaller rangeof maturity times before attempting to match inquiry information with alarger range of maturity times. The “Prioritize Inquiries” mode 208 (setby selecting “Prioritize” from the “Scenario Options” menu 203) executesan algorithm that matches up Potential Purchase securities in sequencewith inquiry securities on a first-in, first-out basis based on theorder of the inquiry securities in window 140. For example, the order inwindow 140 can be the order in which inquiry security information isentered into computer 20.

[0054] Manual mode arrow buttons 201 allow Potential Purchases and theirassociated inquiries to be removed from a scenario. “Deep freeze” checkboxes 207 allow the Potential Purchase and currently matched inquiriesto be frozen such that they are not affected by the “Reset” button 202or the “Execute” button 210. The “frozen” Potential Purchase securitiesand the associated inquiry blocks displayed in window 220 can be setback to their normal “unfrozen” state by clicking check box 207 again soas to remove the check mark.

[0055] Scenario results for all Active Scenario securities (other thanthose that are currently frozen) can be permanently applied to theinquiry database stored in memory 40 by clicking the “Execute” button210. For each Active Scenario security in sequence, the “Final TradeExecution” pop-up window of FIG. 9 is displayed and the user is promptedto enter a CUSIP (if one was not entered in the Potential Purchasewindow 180), a broker/dealer and other fields to finalize the trade. Afinal check for similar or matching issuers for previous securitypurchases for an inquiry will be performed before the trade is executedor finalized. The trade is executed by clicking on the “EXECUTE TRADE”button. Current inquiries are updated to reflect the execution activity.

[0056] Reporting

[0057] Several reports are available through display on display face 70or through a printer (not shown):

[0058] Executed trade reports generate a list of all purchases for anentered date range that the user has executed, including a list of allinquiry blocks that were filled with the purchase. Securities will belisted in order of trade date. When the report is run, the user isprompted for beginning and ending dates. All trades that have beenexecuted or finalized between the begin date and the end date willappear on the report. Variations of executed trade reports showhistorical trade activity by state or dealer.

[0059] Inquiry reports generate the current list of open (unfinalized)inquiries (i.e., those inquiries not finalized or executed). Reportoptions control whether inquiry reports show which blocks of an inquiryhave been filled with what securities, show only inquiries from aspecified date range or contain graphical output that show the amount ofsecurities needed by maturity and state. Approved credits reportsinclude users' designations of approved or disapproved credits. Groupingand sorting options are provided for these reports.

[0060] Utilities

[0061] Twelve utility functions are provided on the “Utilities” menu,which is available from all the screens in the application:

[0062] “Backup Inquiry Manager”—A backup database utility creates a copyof the Inquiry Manager database in the folder specified in the “SystemSettings” utility area, either on computer 20 or a network folderlocation accessible from computer 20. This copy serves as a backup ifthe working database becomes corrupted.

[0063] “Order Routing”—Selection of this menu item creates a display ofthe type shown in FIG. 10 on display face 70. This screen shows andreports inquiries in display area 300 that have been independently sentin from portfolio managers or the like to server 700 via networkconnection 702 to the Internet. The Inquiry Manager user, through anetwork connection to server 700 can import these inquiries to memory 40of computer 20 by clicking “Get New Inquiries” 302. The user can thendesignate which of these inquiries he wishes to work with by clickingcheckboxes 301. Selected inquiries are added to his active inquiries inhis Inquiry Manager database by clicking “Approve Selected” 303.Selected inquiries are rejected by clicking “Reject Selected” 304 oraction can be postponed by clicking “Remove Selected” 305.

[0064] “Offerings”—Selection of this menu item creates a display of thetype shown in FIG. 11 on display face 70. This screen shows and reportsofferings in display area 400. The security offerings displayed havebeen posted by security offerers that have sent them to server 700 vianetwork connection to the Internet 702. The Inquiry Manager user,through a network connection to server 700 via the Internet can searchthese offerings based on various security parameters. Offerings can bebrought into the Potential Purchase area of the Inquiry Execution windowof FIG. 5 by selecting them with check boxes 401 and clicking on “ImportChecked Offerings” 402.

[0065] “Messages”—Selection of this menu item creates a display (notshown) that allows the user to view incoming messages and send outgoingmessages in order to allow negotiation of securities trades.

[0066] “New Issuance”—Selection of this menu item creates a display (notshown) that shows new issuance offerings (as opposed to secondaryofferings) in a display area in a manner that is similar to the“Offerings” utility described above.

[0067] “Portfolios”—Selection of the “Portfolios” utilities menu itemcreates a display (not shown) that indicates all current securityholdings information. This menu option is not available unless portfoliorelated data is stored in the prescribed manner in a data file in memory40 of computer 20.

[0068] “My Preferences”—A client profile utility provides usercustomization options that control the behavior of the application. Thepreferences are broken up into five sections: “General”, which includesuser information such as name and phone, typical inquiry characteristicsand Inquiry Manager optional features that the user wishes to utilize;“Enter”, which controls default characteristics of new inquiries thatare entered; “Execute”, which controls default characteristics ofsecurity execution functions; “Disseminate”, which controls defaultcharacteristics of security dissemination functions; and “Reports” whichallows custom reports to be specified. The “My Preferences” utilitysection also provides the user capability to archive Inquiry Managerdata to alternate tables within the database to enhance applicationperformance.

[0069] “Credits”—Selection of this menu item creates a display (notshown) that allows the user to maintain a list of approved anddisapproved issuers of securities. This list is for informationalpurposes only and does not impact scenario algorithms forinquiry/security matching.

[0070] “Broker Dealers”—The broker/dealers utility creates a display(not shown) that allows the user to maintain a list of frequently usedbroker/dealers. Broker/dealers on this list appears on a pull-down liston the “Final Trade Execution” display shown in FIG. 9.

[0071] “Portfolio Managers”—This utility creates a display (not shown)that allows the user to maintain a list of portfolio managers.Broker/dealers on this list appears on a pull-down list on the “InquiryEntry” pop-up display shown in FIG. 4.

[0072] “Trade Executions”—The “Trade Execution” utility creates adisplay (not shown) allowing the user to perform functions related totrades that have been executed in the Inquiry Manager database. Whichtrades are displayed is controlled through a filtering mechanism. In theevent of entry error or trade problems, execution of a selected tradecan be reversed, returning the inquiry and the security to theirrespective areas of the “Execution” display of FIG. 5. Execution reportsfor previously executed trades can also be displayed and printed. Tradedata can also be exported in text format to memory 40 of computer 20 toallow integration with the Inquiry Manager users internal systems.

[0073] “System Settings”—The “System Settings” utility creates a display(not shown) that allows the user to maintain various system settingsthat control behavior of the Inquiry Manager application as well asdiagnostic and repair functions.

[0074] Those skilled in the art will recognize that the preferredembodiments may be altered and modified without departing from the truespirit and scope of the invention as defined in the accompanying claims.

What is claimed is:
 1. A method of organizing security inquiries andpotential security purchases utilizing a computer with a displaycomprising: entering into the computer inquiry information aboutsecurities desired for purchase; entering into the computer potentialpurchase information about available securities; entering into thecomputer a plurality of algorithms for matching the inquiry informationwith the purchase information; selecting one of the algorithms; matchingby means of the selected one algorithm the inquiry information with thepurchase information; and reporting the results of the matching by meansof the computer.
 2. A method, as claimed in claim 1, wherein saidinquiry information comprises a security par dollar amount for each ofat least some of said securities desired for purchase, wherein saidpurchase information comprises a security dollar amount for each of atleast some of said available securities and wherein said selected onealgorithm attempts to match said security dollar amounts with saidsecurity par dollar amounts.
 3. A method, as claimed in claim 2, whereinsaid selected one algorithm attempts to match each of said securitydollar amounts in turn with said security par dollar amounts.
 4. Amethod, as claimed in claim 1, wherein said inquiry informationcomprises a desired range of maturity times of at least some of saidsecurities desired for purchase, wherein said purchase informationcomprises a maturity time for at least some of said available securitiesand wherein said selected one algorithm attempts to match said range ofmaturity times of said securities desired for purchase with saidmaturity time for said available securities.
 5. A method, as claimed inclaim 4, wherein said selected one algorithm attempts to match inquiryinformation with a smaller range of maturity times before attempting tomatch inquiry information with a larger range of maturity times.
 6. Amethod, as claimed in claim 1, wherein said inquiry information isarranged in order and wherein said selected one algorithm matchesattempts to match said purchase information with said inquiryinformation according to said order.
 7. A method, as claimed in claim 6,wherein said order is the order in which said inquiry information wasentered into said computer.
 8. A method, as claimed in claim 1, whereinsaid entering inquiry information comprises entering a plurality ofinquiries, each inquiry being limited to securities with a single issuername.
 9. A method, as claimed in claim 8, wherein said inquiriescomprise an inquiry number, a state associated with said securitiesdesired for purchase, and an account identifier.
 10. A method, asclaimed in claim 9, wherein said inquiries further comprise a quantityof said securities desired for purchase, a price of said securitiesdesired for purchase and a range of maturity times for said securitiesdesired for purchase.
 11. A method, as claimed in claim 1, wherein saidentering purchase information comprises entering a plurality entriesabout said available securities, at least some of said entriescomprising a name of an issuer of the available security associated withthe entry.
 12. A method, as claimed in claim 11, wherein each said entryfurther comprises a state associated with the available securityassociated with the entry, the par dollar amount of the securityassociated with the entry, and the maturity time of the securityassociated with the entry.
 13. A method, as claimed in claim 12, whereinsaid entry further comprises a CUSIP for said security associated withsaid entry.
 14. A method, as claimed in claim 1, wherein said reportingcomprises displaying said results on said computer display.
 15. Amethod, as claimed in claim 1, and further comprising finalizing a tradeof at least one of said available securities.
 16. A method, as claimedin claim 15, wherein said finalizing comprises entering a CUSIP and abroker or dealer identification.
 17. A method, as claimed in claim 15,wherein said finalizing comprises checking for similar or matchingissues for previous security purchases for said inquiry information. 18.A method, as claimed in claim 15, wherein said reporting furthercomprises listing said available securities for which trade wasfinalized.
 19. A method, as claimed in claim 15, wherein said reportingcomprises listing said inquiry information not subject to saidfinalizing.
 20. A method, as claimed in claim 1, wherein said availablesecurities are issued by an issuer and wherein said reporting furthercomprises listing approved issuers.
 21. A method, as claimed in claim 1,wherein said entering potential purchase information comprises: enteringpotential purchase parameters; searching a data base for securityinformation corresponding to said parameters; and reporting the resultsof said searching.
 22. A method, as claimed in claim 21, wherein saiddatabase is located remotely from said computer and wherein saidsearching comprises transmitting data via the Internet.
 23. A method, asclaimed in claim 1, wherein said entering potential purchase informationcomprises: selecting one of said available securities; and reportinginformation about said selected security from a database.
 24. A method,as claimed in claim 23, wherein said database is located remotely fromsaid computer and wherein said reporting comprises transmitting data viathe Internet.
 25. A method, as claimed in claim 1, wherein said enteringinquiry information comprises: receiving said inquiry information from adata base; and reporting said received inquiry information.
 26. Amethod, as claimed in claim 25, wherein said database is locatedremotely from said computer and wherein said reporting comprisestransmitting data via the Internet.
 27. A method, as claimed in claim 1,wherein said entering potential purchase information comprises:receiving said potential purchase information from a data base; andreporting said received potential purchase information.
 28. A method, asclaimed in claim 27, wherein said database is located remotely from saidcomputer and wherein said reporting comprises transmitting data via theInternet.
 29. Apparatus for organizing security inquiries and potentialsecurity purchases comprising: an output device arrange to displayinformation; a memory; and a computer connected to: store inquiryinformation about securities desired for purchase; store potentialpurchase information about available securities; store a plurality ofalgorithms for matching the inquiry information with the purchaseinformation; execute one of the algorithms; match by means of theselected one algorithm the inquiry information with the purchaseinformation; and report the results of the matching on the outputdevice.
 30. Apparatus as claimed in claim 29, wherein said inquiryinformation comprises a security par dollar amount for each of at leastsome of said securities desired for purchase, wherein said purchaseinformation comprises a security dollar amount for each of at least someof said available securities and wherein said selected one algorithmattempts to match said security dollar amounts with said security pardollar amounts.
 31. Apparatus, as claimed in claim 30, wherein saidselected one algorithm attempts to match each of said security dollaramounts in turn with said security par dollar amounts.
 32. Apparatus, asclaimed in claim 29, wherein said inquiry information comprises adesired range of maturity times of at least some of said securitiesdesired for purchase, wherein said purchase information comprises amaturity time for at least some of said available securities and whereinsaid selected one algorithm attempts to match said range of maturitytimes of said securities desired for purchase with said maturity timefor said available securities.
 33. Apparatus, as claimed in claim 32,wherein said selected one algorithm attempts to match inquiryinformation with a smaller range of maturity times before attempting tomatch inquiry information with a larger range of maturity times. 34.Apparatus, as claimed in claim 29, wherein said inquiry information isarranged in order and wherein said selected one algorithm matchesattempts to match said purchase information with said inquiryinformation according to said order.
 35. Apparatus, as claimed in claim34, wherein said order is the order in which said inquiry informationwas entered into said computer.
 36. Apparatus, as claimed in claim 29,wherein said inquiry information comprises a plurality of inquiries,each inquiry being limited to securities with a single issuer name. 37.Apparatus, as claimed in claim 36, wherein said inquiries comprise aninquiry number, a state associated with said securities desired forpurchase, and an account identifier.
 38. Apparatus, as claimed in claim37, wherein said inquiries further comprise a quantity of saidsecurities desired for purchase, a price of said securities desired forpurchase and a range of maturity times for said securities desired forpurchase.
 39. Apparatus, as claimed in claim 29, wherein said purchaseinformation comprises a plurality entries about said availablesecurities, at least some of said entries comprising a name of an issuerof the available security associated with the entry.
 40. Apparatus, asclaimed in claim 39, wherein each said entries further comprises a stateassociated with the available security associated with the entry, thepar dollar amount of the security associated with the entry, and thematurity time of the security associated with the entry.
 41. Apparatus,as claimed in claim 40, wherein each of said entries further comprises aCUSIP for said security associated with said entry.
 42. Apparatus, asclaimed in claim 29, wherein said output device comprises a computerdisplay.
 43. Apparatus, as claimed in claim 29, wherein said computer isfurther arranged to finalize a trade of at least one of said availablesecurities.
 44. Apparatus, as claimed in claim 43, wherein said computerfinalizes the trade in part by storing a CUSIP and a broker or dealeridentification.
 45. Apparatus, as claimed in claim 43, wherein saidcomputer finalizes the trade in part by checking for similar or matchingissues for previous security purchases for said inquiry information. 46.Apparatus, as claimed in claim 43, wherein said computer is furtherarranged to list said available securities for which the trade wasfinalized.
 47. Apparatus, as claimed in claim 43, wherein said computeris further arranged to list said inquiry information that was notfinalized.
 48. Apparatus, as claimed in claim 29, wherein said availablesecurities are issued by an issuer and wherein said computer is arrangedto list approved issuers.
 49. Apparatus, as claimed in claim 29, andfurther comprising a second computer storing a database, wherein saidpotential purchase information comprises potential purchase parametersand wherein said computer searches the data base for securityinformation corresponding to said parameters and reports the results ofsaid searching on said output device.
 50. Apparatus, as claimed in claim49, wherein said database is second computer is located remotely fromsaid computer and wherein said second computer transmits data to saidcomputer via the Internet.
 51. Apparatus, as claimed in claim 29, andfurther comprising a second computer storing a database, wherein saidpotential purchase information comprises one of said availablesecurities and wherein said computer reports information about saidselected security from said database.
 52. Apparatus, as claimed in claim51, wherein said second computer is located remotely from said computerand wherein said second computer transmits data to said computer via theInternet.
 53. Apparatus, as claimed in claim 29, and further comprisinga second computer storing a database, wherein said computer receivesinquiry information from a data base and reports said inquiryinformation on said output device.
 54. Apparatus, as claimed in claim53, wherein said second computer is located remotely from said computerand wherein said second computer transmits data to said computer via theInternet.
 55. Apparatus, as claimed in claim 29, and further comprisinga second computer storing a database, wherein said computer receivessaid potential purchase information from said database and reports saidreceived potential purchase information on said output device. 56.Apparatus, as claimed in claim 55, wherein said second computer islocated remotely from said computer and wherein said second computertransmits data to said computer via the Internet.